The number of new apartments finalised and sold in Bucharest in the first half of the year currently counts 515. This is an 83% low against the same 2008 period, according to a report published by the international real estate company Colliers International. The number is also 15% lower against the figures recorded during the 2008 second semester.
Additionally, the report estimates that the drop in finalised deals would have been even bigger if it hadn't been for several projects that managed to bring record sales in the current financial context: a mean of 10 new apartments per month. The mentioned projects had attractive price policies and payment schemes, the Colliers report shows.
The real estate consultancy report reads that one notable change is the fact that the stock of finalised, but unsold flats is increasing: 15% of the new finalised apartments are still awaiting their customers. This situation marks a new stage of the residential market, namely a drastic reduction of the apartments that are being sold whilst in the project phase.
Colliers data show that the trend in Bucharest increased, counting 6,700 new flats finished by June 2009. It increased the new apartments' stock by 42% against the stock recorded at the end of 2008. By the end if the year, another 6,200 new flats are expected to be completed.
The price for new residential homes dropped 12% against the figures at the end if the last year: 1,415 euros for one built square meter, minus VAT. The price is the official quotation, but in fact, the price can go as low as -15%.
The economic crisis is to blame for postponing 12 residential projects in the second half of 2008. In the first half of 2009, only 2 projects were postponed. There are still 37 projects on the market, offering a total of 14,500 flats.
Colliers analysts claim that expect for the sales to increase due to a drop in prices and the launch of "First Home" (Prima Casa) scheme. But the impact is expected to be limited because the flats are usually more expensive than the sum the state is willing to offer support for.